SAIL targets 10.8 million tons output in 2003

SAIL targets 10.8 million tons output in 2003

Steel Authority of India Ltd (SAIL) has recently announced that, it expects its output to reach up to 10.8 million tons, with an increase by 6-7% for 2003 fiscal, depending on the current market condition. SAIL has recorded a net loss of Rupees 3.04 billion ($66 million) in 2002-2003 period, which is about 82% lower than the loss recorded in previous year. On the other hand, in the first quarter of current fiscal, the company recorded a net profit of Rupees 2.55 billion ($55.6 million). The company also plans to enhance investments to renovate its technical equipment. In the next five years, the company aims to produce more value-added items.